- Alleged Coinbase cut XRP holdings by 69%, with a 0.87 correlation to price caps.
- Lawyer Bill Morgan disputes alleged manipulation, saying XRP follows typical market trends.
- XRP stays above $2.65 support; a breakout above $3.10 could confirm the bullish trend.
Speculation is growing in the crypto community that Coinbase may be manipulating the price of XRP. It intensified after an investor claimed on-chain data revealed that Coinbase slashed its XRP holdings, cutting its stash from around 780 million tokens to just 199 million in recent weeks, a massive 69% reduction. XRP supporters even presented an “XRP Suppression Index,” which showed a strong 0.87 correlation between Coinbase’s sell-offs and XRP price caps.
Lawyer Responds to Manipulation Claims
Reacting to these claims, pro-XRP attorney Bill Morgan acknowledged the frustration but pushed back on the theory.
Morgan shared, “One heck of a theory about Coinbase being against XRP. We all know that Coinbase is no lover of XRP.” But he added that the problem with this idea is simple: XRP’s price has been moving in its usual pattern, even during the long stretch when Coinbase had delisted the token and had no role in influencing sell-offs.
“We all know that Coinbase is no lover of XRP, but the problem with the theory is that XRP price action just seems to be behaving the same way as it has always behaved,” he wrote.
Understanding XRP Price Behaviour
XRP continues to move within a larger bullish structure, but the pullback that began in July has turned deeper and more drawn out than many expected.
Is XRP price repeating past patterns?
One analyst says XRP is still following the same structure it showed during its 2017 bull run. According to the analyst, the current pullback looks deep and messy, but it has not broken any key support levels.
“After this consolidation phase, we will see a parabolic rally to $4.50 and higher,” the analyst said.
Important Levels To Watch
The price is holding above $2.65, with stronger support between $2.65 and $2.21. As long as XRP stays above this zone, the broader bullish setup remains intact.
On the upside, the first strong resistance sits near $3.10, where several trend lines and previous swing highs converge. A clear breakout above this zone would be an early sign of a changing trend.
Related: BlackRock’s Presence at Ripple’s Event Sparks Speculation on XRP ETF Future
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